Business Context and Reporting Period
This Form 8-K Current Report was filed by The Cato Corporation on September 16, 2003. The report discloses a change in the company's certifying accountants for the fiscal year ending January 31, 2004.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on auditor changes and does not contain financial performance data.
Material Changes
- Termination of Prior Auditor: The company notified Deloitte & Touche LLP that it would not be retained for the fiscal year ending January 31, 2004. Deloitte had served as the principal independent accountant since 1995.
- Engagement of New Auditor: The company engaged PricewaterhouseCoopers LLP as the new independent accountants for the fiscal year ending January 31, 2004.
- Decision Authority: Both the decision to terminate Deloitte and the decision to engage PricewaterhouseCoopers were made by the Audit Committee of the Board of Directors.
Management Commentary, Risks, and Contingencies
- Audit Opinions: The audit reports issued by Deloitte & Touche LLP for the fiscal years ended February 1, 2003, and February 2, 2002, contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: The company reported no disagreements with Deloitte & Touche LLP on accounting principles, financial statement disclosures, or auditing scope/procedures during the relevant periods.
- Reportable Events: There were no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K during the Deloitte tenure.
- Consultations: The company did not consult with PricewaterhouseCoopers LLP regarding any matters or reportable events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K during the relevant periods.
Important Facts for Investor Verification
- Verify the attached letter from Deloitte & Touche LLP (Exhibit 16) to confirm their agreement with the company's disclosures regarding the termination.
- Confirm the effective date of the transition between Deloitte & Touche LLP and PricewaterhouseCoopers LLP for the 2004 fiscal year audit.
- Review subsequent filings to ensure no undisclosed disagreements or reportable events emerged during the transition period.